New Found Gold (CVE:NFG) Reaches New 52-Week Low – Should You Sell?

New Found Gold Corp. (CVE:NFG) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as C$1.88 and last traded at C$1.89, with a volume of 262601 shares trading hands. The stock had previously closed at C$1.98.

New Found Gold Stock Performance

The stock’s 50-day moving average price is C$2.26 and its 200-day moving average price is C$2.95. The company has a market capitalization of C$725.92 million, a price-to-earnings ratio of -7.88 and a beta of 2.35.

Insiders Place Their Bets

In other news, Director Chad Williams acquired 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was purchased at an average cost of C$2.69 per share, with a total value of C$134,500.00. Following the purchase, the director directly owned 250,675 shares of the company’s stock, valued at approximately C$674,315.75. This trade represents a 24.92% increase in their position. 44.06% of the stock is owned by insiders.

New Found Gold Company Profile

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland. The company was formerly known as Palisade Resources Corp. and changed its name to New Found Gold Corp.